Improved Financial Management
Benefit from outsourcing by gaining access to specialized expertise in financial management.
Reduce Operational Costs
Reduce operational costs and increase overall efficiency with the help of our accounting expert.
Scalability and Flexibility
Scale up your business with outsourced accounting and manage accounting resources up or down as needed
Accounting Outsourcing Services for Farms and Agricultural Businesses - CapActix
The agricultural industry – one of the prime industries of the world we know. Agriculture – ranging from growing crops, raising fish and animals, logging wood, encompassing farms, dairies, hatcheries, ranches, etc., and a lot more to take care, nurture, sow, and grow.
Agriculture is conducted by farmers and their families which generally lack proper expertise in the accounting domain. So there is no straightforward set of rules followed in this domain for maintaining agricultural and farm accounting. However, it is important to maintain proper records, details, maintenance of accounts, etc. for analysis of processes and research for improvement of the agricultural processes.
We, at CapActix, are interested in guiding and maintaining adequate inputs to the farmers and thoroughly disclosing what to extend and how to deal with the factors affecting land, labor, and capital.
We, at CapActix, help in classifying accounts to ascertain the cost of each crop, compare various crops’ productivity, and profitability, and measure the effectiveness of allied activities. We help to solve the difficulties of allocating various costs among different crops and other associated activities such as livestock poultry etc
The main objective behind outsourcing of farm and agricultural accounting can be turning a fixed cost into a variable. However, it always depends on:
- Risk-taking capacity and investments
- Providing more variety of products
- Easy access to technology
- Reduce costs and access more innovativeness from vendors
- Manage complexity better
The main objective behind outsourcing of farm and agricultural accounting can be turning a fixed cost into a variable. However, it always depends on:
- Risk-taking capacity and investments
- Providing more variety of products
- Easy access to technology
- Reduce costs and access more innovativeness from vendors
- Manage complexity better
Our Agricultural Accounting Outsourcing Services
- Set Up Chart of Accounts
- Posting of purchase transactions including Purchase order, Purchase invoice and receipt of inventory (Including batch with expiry/serial no)
- Entry for other purchase related expenses for calculating landing cost
- Capturing finished goods item wise BOM
- Entry for issue of material for production
- Posting necessary entry for transfer of material between locations
- Posting of stock adjustment entries if any
- Allocation of labour, electricity and other direct expenses against production
- Recording of estimates, quotes, sales invoices and delivery note
- Verifying and recording bills from vendors
- Payment to vendors
- Processing employees’ pay and update payroll file
- Recording depreciation and other adjusting entries
- Project wise expense segregation and allocation
- Month-end or year-end closing entries
- Posting supplier invoices and processing of payment
- Apportionment labour cost for regular farming and construction of greenhouse /land preparation
- Apportionment of electricity on the basis of meter reading to different farms/greenhouses and other direct expenses to specific project
- Approval of payment and processing of payment
- Review and reconciliation of vendor balances
- Farm wise revenue and expense reconciliation
- Processing of 1099s
- Submission of Accounts Payable Aging report
- Identifying different greenhouses and farm accounts and creating in the accounting software
- Recording Cash/Bank receipt on monthly basis according to farm wise or greenhouses wise
- Review and reconciliation of production per greenhouse
- Submission of Accounts Receivable Aging report
- Profit and Loss Statement
- Cash Flow Statement
- Balance Sheet Reporting
- Trial Balance
- Fixed Assets Process Reports
- Stock consumption and stock movement analysis report
- Location wise inventory report
- Outstanding Purchase Order pending for receipt of goods
- Outstanding Sales Order pending for dispatch of goods
- Variance analysis
- Farm Wise costing
- Farm wise input –output analysis ratio
- Setting up Payroll
- Payday calculations with the processing of payroll
- Payroll tax calculation and form filling
- 941, 1099, 940, and quarterly state tax returns
